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Greenland Reports 99.7% YoY Increase in 2Q 2024 Net Income
Greenland Technologies Holding (Nasdaq: GTEC) reported a 99.7% year-over-year increase in net income for Q2 2024.
Greenland Technologies Holding (Nasdaq: GTEC) reported a 99.7% year-over-year increase in net income for Q2 2024.
Despite a slight 2.3% decrease in revenue to $23.02 million, the company achieved significant profit growth. Net income rose to $5.87 million, with earnings per share increasing by 88.89% to $0.34.
The company maintained a stable gross margin of 29.4% and reduced operating expenses by 20.7%.
Greenland also announced the termination of its planned spin-off of the drivetrain systems segment due to changing market conditions.
The company introduced new incentives to accelerate electric industrial vehicle purchases and expanded its HEVI Authorized Service Provider network.
For the first half of 2024, Greenland reported a slight revenue increase to $45.74 million and a 76.67% increase in EPS to $0.53.
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